4 of 1930 - A resolution authorizing the issuance of $1,300,000.00 Tax Anticipation Bonds for the year 1930. REMARKS: Resolution No.
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By Commissioner , a
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Authorizing the issuance of
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; $1,300,000.00 Tax Anticipation
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ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, January 30th 19 30
Burton - - 1 I move that the resolution be adopted.
tiFehr - - -
Finch - , G% %i✓
Lake
Mr.Chairman -
Result - RESOLUTION
WHEREAS, there is immediate and pressing need for raising
funds to the amount of One Million Three Hundred Thousand Dollars
($1,300,000.00) for the purpose of meeting the current expenses of the
City for the year 1930, until the payment of taxes for the year
1930; and
WHEREAS, the tax revenues of Salt Lake City, Utah, for the
year 1929 aggregated Two Million One Hundred Forty-five Thousand,
Three Hundred Six and 91/100 ($2,145,306.91) Dollars, and the total
revenue from all sources was Three Million Twenty-three Thousand
Eight Hundred Ninety-one and 44/100 ($3,023,891.44) Dollars, and that
the estimated revenues from taxation and other sources for the year ,.
1930 will be at least as great as that for the year 1929, although at
this time the levy for the year 1930 has not yet been made; and
WHEREAS, the sum of One Million Three Hundred Thousand
($1,300,000.00) Dollars now to be raised is not in excess of said
revenue as estimated for the year 1930.
NOW, THEREFORE, BE IT RESOLVED: That Salt Lake City, Utah,
for the purpose of meeting the current expenses of said city for the
year 1930 until the payment of taxes for the year 1930 shall borrow
the sum of 0He Million Three Hundred Thousand ($1,300,000.00) Dollars,
in installments of One Hundred Thousand ($100,000.00) Dollars on
February 1st, February 21st, March 13th, April 2nd, April 22:nd, May
12th, June 2nd, June 21st, July llth, July 31st, August 20th, Septem-
ber 9th and September 29th, 1930, bearing interest at the rate
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ifive per centum (5%) per annum from date of bond, and for such
purpose, as evidence of such indebtedness, the City of Salt Lake
shall issue its negotiable tax anticipation bonds in the aggregate
amount of One Million Three Hundred Thousand ($1,300,000.00) Dol-
lars, said bonds to be designated as follows:
Salt Lake City Tax Anticipation Bonds, Series of Febru-
ary 1st, 1930, and payable December 31st, 1930 and
shall be evidenced by one bond numbered one (1) in the
denomination of $50,000.00 and ten bonds numbered from
two (2) to eleven (11), both inclusive, in the denomina-
tion of $5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Febru-
ary 21st, 1930, and payable December 31st, 1930, and
shall be evidenced by one bond numbered one (1) in the
denomination of $50,000.00 and ten bonds numbered from
two (2) to eleven (11), both inclusive, in the denomina-
tion of $5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of March
13'th, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the de-
nomination of $50,000.00 and ten bonds numbered from
two (2) to eleven (11), both,inclusive, in the denomina-
tion of $5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of April
2nd, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomina-
j ' tion of $50,000.00 and ten bonds numbered from too (2)
to eleven (11), both inclusive, in the denomination of
$5,000.00 each.
' Salt Lake City Tax Anticipation Bonds, Series of April
22nd, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the de-
nomination of $50,000.00 and ten bonds numbered from
two (2) to eleven (11), both inclusive, in the den®mina-1
tion of $5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of May 12t ,
1930, and payable December 31st, 1930, and shall be evi
dented by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of June 2rd,
1930, and payable December 31st, 1930, and shall be evi-
denced by one bond numbered. one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of June 21st,
1930, and payable December'31st, 1930, and shall be evi-
denced by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
Ij eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of July,
llth, 1930, and payable December 31st, 1930, and shall.
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be evidenced by one bond numbered one (1) in the denomina-
tion of N50,000.00 and ten bonds numbered from two (2)
to eleven (11), both inclusive, in the denomination of
. 5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of July
31st, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the de-
nomination of 050 000.00 and ten bonds numbered from two
(2) to eleven (11), bbth inclusive, in the denomination
of 05,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of August
20th, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomina-
I� tion of 050,0'0.00 and. ten bonds numbered from two (2) I
to eleven (11), both inclusive, in the denomination of
5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Seatem-I
ber 9th, 1930, and payable December Flat, 1930, and shal
be evidenced by bond numbered one (1) in the denominatio
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Septem-I
ber 29th, 1950, and payable December 51st, 1930, and sha l
be evidenced by one bond numbered one (1) in the denomin4-
tion of $50,000.00 and ten bonds numbered from two (2) td
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Said bonds shall be i
payable in lawful money of the United States
and shall bear interest from and after the date thereof at the rats
of five per cent (5%) per annum, both principal and interest pay-
able at maturity, at the Irving Trust Company in New York City,
State of New York, U. S. A. Said bonds shall be signed by the
Mayor and attested by the City Recorder under the seal of the City
and shall be registered in a book kept by the City Auditor for tha,
purpose, and the City Auditor shall endorse upon each of said bond"
the certificate required by law. Said bonds shall be in substan-
tially the following form, to-wit:
"UNITED STATES OF AMERICA.
STATE OF UTAH.
Nti} 1. L0.0,00.00_
SALT LAKE CITY TAX ANTICIPATION BOND,
Series of February 1, 1930.
KNOW ALL MEN BY THESE PRESENTS: That SALT LAKE CITY in
the County of Salt Lake, and State of Utah, hereby acknowledged
itself to be indebted and for value received hereby promises to
-pay to bearer the sum of Fifty Thousand Diillars ( 50,000.00) law—
ful money of the United States on the 31st day of December, A. D.
'1930, at the Irving Trust Company, New York City, N.6w York, with
interest thereon at the rate of five (5,%) per cent per annum from
date until paid, payable at maturity.
This bond is one of a series of eleven bonds of like
tenor and date, numbered from one (1) to eleven (11) inclusive,
except bonds numbered two (2) to eleven (11) which are in the de—
nomination of Five Thousand Dollars ($5,000.00) each, and known ar
MALT LAKE CITY TAX ANTICIPATION BONDS, Series of February 1, 1930,"
for the aggregate sum of ONE Hundred Thousand Dollars ($100,000.00),
issued pursuant. to Sgotion 570X6, Compiled Laws of Utah, 1917.
The Board of City Commissioners of Salt Lake City shall( 1 levy in the year 1930 a sufficient tax to pay the principal and in
jterest on this bond as the same shall fall due, and this bond is
'issued in anticipation of the payment of such taxes for the year
1930.
It is hereby certified, recited and declared that the
entire indebtedness of said City hereby incurred is not in excess
of the taxes of said City levied or to be levied for the current
'year 1930, and that said indebtedness was and is contracted for
{the purpose for which said taxes are levied.
It is hereby further certified, recited and declared the
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ll conditions, acts and things essential to the validity of this
bond exist, have happened and have been done and that every requir —
ment of law affecting the issue heredf has been duly complied with,
and that this bond is within every debt and other limit prescribed
by the Constitution and Laws of said State, and that the full fait
and credit of said Salt Lake City are hereby irrevocably pledged
to the punctual payment of the principal and interest of this bond
according to its terms.
IN vITNESS WHEREOF, Salt Lake City has caused this bond
to be siened by its Mayor, its corporate seal to be hereunto af—
fixed, and attested by its City Recorder, as of the day of
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'; MAYOR.
Attest:
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City Recorder.
The bonds, Series of February 21st, 19Z0, Series of
March 13th, 1930, Series of April 2, 1930, series of April 22,
1930, Series, of-may'12th, .1930, Series of June 2pd; .1930, Series
of June list, 1930, Series of July llth, 1930, Series of July 31st,
1930, Series of August 20th, 1930, Series of September9th, 1930,annd
Series of September 29th, 1930, shall be in substantially the same
form, the appropriate changes being made in the date thereof, ex—
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jlcept that the bonds numbered one (1) in each series shall be in
IIthe amount of Fifty Thousand dollars ($50,000.0G) aad the bonds
numbered from two (2) to eleven (11) inclusive in each series shal4
Ibe in the amount of Five Thousand Dollars ($5,000.00) each.
. There shall be endorsed on each of said bonds the follow
ing certificate:
1 • .CITY AUDITOR`'S.CERTIFICATE.,
"I hereby certify that this bond is,within the
lawful debt limit of Salt Lake City. Utah, and
is issued according to law."
City Auditor.
i BE IT FURTHER RESOLVED that all the covenants, statement,
representations and agreements contained in said bonds be and the
same are hereby adopted as covenants, statements, representations,
agreements and promises of Salt Lake City, Utah, and
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BE IT FURTHER RESOLVED that the Mayor of Salt Lake CitY
lis hereby authorized and directed to sign and execute said bonds j
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land the City Recorder is authorized and
� hereby z directed to attest
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•land affix the seal of Salt Lake City to each of said bonds, and
the City °uditor is hereby authorized and directed to place upon
said bonds the certificate inthe manner and form set forth above.
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i BE IT FURTHER RESOLVED that said bonds when issued shall
be delivered to the purchasers thereof, Irving Trust Company, of
lNeY: York City, New York, upon the receipt of purchase price -there-
for.
BE IT FURTHER RESOLVED that the Board of Commissioners
shall levy in the year 1930, a sufficient tax to pay the principal
land interest of said bonds as the same shall fall due.
AND .3E IT FURTHER RESOLVED that an emergency is hereby
declared and in the opinion of the Board of Commissioners because
of the necessity for funds with which to meet the current expenses
j of said city it is necessary to the peace, health and safety of
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the inhabitants of Salt Lake City that this resolution take effect
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at once.
This resolution shall take effect upon adoption.
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Mayor.
If ATTEST
ity 'ecorder.
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T#}e adoption'of the foregoing resolution was seconded.
by Commissioner 1::_lijamertyja, and the same put to
a vote was unanimously carried by the affirmative vote of all
kommissioners present, the vote being as follows:
JOHN F. BOWMAN, Mayor, "AYE"
CHARLES N. FEHR, Commissioner "AYE"
T. T. BURTON, Commissioner, !AYE"
H. L. FINCH, Commissioner, !'AYE"
JOSEPH H. LAKE, Commissioner, "AYE"
--- -MAYOR.
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ATT7,ST: f
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City Record
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CITY RECORDER'S CERTIFICATE.
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STATE OF UTAH )
COUNTY OF SALT LAKE; ) SS
I, Ethel Macdonald, the duly chosen, qualified and actin
City Recorder of Salt Lake City, Utah, do hereby certify that the
foregoing is a full, true and correct copy of the proceedings of
a regular meeting of the Board of Commissioners of Salt Lake City,
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Utah, held on Thursday, the thirtieth day of January, 1930, at
the hour of ten o'clock A. M., insofar as the same refer to or
concern the issue of wl,300,000.00 Tag Anticipation Bonds of Salt
Lake City, Series of February 1st, 1930, Series of February 21st,
1930, Series of March 13th, 1930, Series of April 2nd, 1930, Serie
of April 22nd, 1900, Series of May 12th, 1930, Series of Jane 2nd,
193,0, Series of June 21st, 1930, Series of July llth, 1900, Series
of July 31st, 1930, Series of August 20th, 1930, Series of Septem-
ber 9th, 1930, and Series of September 29th, 1930.
IN WITNESS WHEREOF, I have hereunto s t my hand and the
jiseal of said Salt Lake City, Utah, this _3 Qd.ay of January,
A. D. 1930.
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City Recorder. -
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